The Board will consider a number of performance criteria in assessing candidates including the ability to communicate in French.
As a national company, being able to speak both official language is an asset for sure.
However, I'd consider other skills more relevant to the role itself, i.e. the ability to lead a company is more important than being able to speak French (that's the Comms and PR teams' job to ensure the message is communicated to all audiences).
The Federal government's official language policy has heavily in favour of hiring Francophone over other competencies.
Often times people with the "right" language profile get parachuted in position they are unqualified for solely because of their ability to speak French and they couldn't find someone with relevant skills that could speak French.